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Boardwalk Real Estate: 1Q Earnings Snapshot

CALGARY, Alberta (AP) _ Boardwalk Real Estate Investment Trust (BOWFF) on Thursday reported a key measure of profitability in its first quarter.

The Calgary, Alberta-based real estate investment trust said it had funds from operations of $23.5 million, or 46 cents per share, in the period.

Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.

The company said it had net income of $43.1 million, or 85 cents per share.

The real estate investment trust that owns residential communities, based in Calgary, Alberta, posted revenue of $86.5 million in the period.

The company's shares have decreased 51% since the beginning of the year. In the final minutes of trading on Thursday, shares hit $17.31, a fall of 41% in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on BOWFF at https://www.zacks.com/ap/BOWFF